Accounting in Foreign Countries

 Tittle  Accounting in Foreign Countries
 Department Accounting in the Public Sector and Service Sector
 Type (compulsory/optional)  Compulsory
 Cycle (first/second)  First Cycle
 Semester when the component is delivered  6-th semester
 Course description  In this course students will examine the accounting principles of several countries, international accounting reporting standards (IFRS), foreign currency translation, global accounting and auditing standards, international financial statement analysis, financial reporting practices in different countries, main features and goals of IFRS. Students will become knowledgeable about a number of international financial reporting standards through both of the textbooks and lectures. They will do this through a combination of studying the textbook in international accounting, homework problems presented to the class, participation in class discussions and weekly quizzes.
 Course content
Module 1. General specific of accounting system in foreign countries
Topic 1. Accounting systems of foreign countries
Topic 2. International accounting and financial reporting standards
Topic 3. International audit and International Standards on Auditing
Topic 4. Annual report under the International Financial Reporting Standards 
Topic 5. International Financial Statement Analysis
Topic 6. Accounting for foreign currency transactions
Module 2. Accounting in different foreign countries
Topic 7. Accounting system of the USA
Topic 8.  Accounting system of the European Union
Topic 9. Accounting system of the Great Britain
Topic 10. Accounting system of other countries
 Learning outcomes   At the end of this course students should be able to:
- explain how international accounting differs from domestic accounting;
- understand the reasons for and problems connected to accounting diversity;
- understand the historical development of international accounting;
- identify several internal and external reporting issues that arise when business operations navigate national borders;
- compare and contrast basic international accounting models;
- calculate international financial statement analysis for a multinational reporting entity.
- understand the nature and influences on financial reporting practices in different countries;
- understand the efforts made by the IASB to harmonies accounting disclosures;
- begin to understand and critically evaluate accounting statements that have been prepared in accordance with IASC standards;
- distinguish global accounting and auditing standards with that of domestic standards.
 Contact hours (lectures/seminars)


 Number of ECTS credits allocated

 5 credits